The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has clarified that Dangote Petroleum Refinery continues to sell fuel in naira, countering speculations that the company had switched to dollar transactions. The clarification comes amid concerns over foreign exchange volatility and its impact on fuel pricing in Nigeria. Speaking on the matter, PETROAN officials reassured marketers and consumers that Dangote Refinery has not altered its pricing model to require payment in U.S. dollars. Instead, the refinery maintains its transactions in naira, ensuring accessibility for local buyers and reducing pressure on forex demand in the downstream sector. Fuel Pricing and…
Author: Temitope N.
The Nigerian National Petroleum Company Limited (NNPCL) has announced plans to sell shares, marking a significant step in its transition towards becoming a commercially driven entity. This move is expected to open up investment opportunities for both local and foreign investors, signaling a major shift in Nigeria’s oil and gas industry. The announcement comes as part of the ongoing reforms aimed at enhancing transparency, efficiency, and profitability in the state-owned oil corporation. With the sale of shares, NNPCL is set to operate more like an independent commercial entity, reducing government control while increasing private sector participation. Implications of the Share…
Fidelity Bank has extended its corporate social responsibility efforts to Kano State by providing food supplies to underserved communities, reinforcing its commitment to supporting Nigerians in need. The initiative, aimed at alleviating food insecurity, comes at a time when many households are struggling with the rising cost of living. During the distribution exercise, representatives of the bank emphasized the importance of giving back to society, especially in regions where economic challenges have made daily survival difficult for many families. The food relief package included essential staples such as rice, beans, and other household necessities, ensuring that beneficiaries had access to…
The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, has revealed that women now occupy 35% of board positions in Nigerian banks, marking significant progress in gender inclusion within the financial sector. This development reflects ongoing efforts to promote diversity in leadership and ensure that women have a stronger voice in key decision-making roles. Cardoso made this statement while addressing stakeholders at a financial industry event, where he emphasized the importance of gender balance in corporate governance. He noted that the increased representation of women in banking leadership was a result of deliberate policies aimed at fostering inclusivity…
The Nigerian stock market extended its losing streak as investors suffered a N31 billion decline in market capitalization, reflecting the persistent sell-offs that have defined recent trading sessions. The downturn highlights growing investor caution amid economic uncertainty, fluctuating global market trends, and domestic policy concerns. Market Performance and Key Indices Trading activity saw major indices dip, with the benchmark NGX All-Share Index (ASI) shedding points as equities across multiple sectors faced downward pressure. Blue-chip stocks, which typically provide stability, were not spared from the declines, as traders engaged in widespread profit-taking and portfolio rebalancing. Market analysts suggest that the current…
Nigeria’s Minister of Housing and Urban Development has revealed that less than 10% of the country’s land is properly documented, highlighting a major challenge in land administration and ownership rights. The lack of proper records has contributed to disputes, illegal land grabbing, and difficulties in securing bank loans using land as collateral. According to the minister, the absence of a comprehensive land registry system hinders economic growth, discourages investment, and complicates urban planning efforts. Many landowners still rely on traditional and informal methods of documentation, which are often not legally recognized. The government has reiterated its commitment to improving land…
The Nigerian naira continued its downward spiral at the official foreign exchange market, closing at ₦1,536 per dollar. This marks yet another depreciation as the currency faces mounting pressure from forex demand and liquidity challenges. Market analysts attribute the weakening of the naira to persistent dollar shortages and speculative trading, which have intensified since the Central Bank of Nigeria (CBN) adopted a more flexible exchange rate regime. Despite interventions to stabilize the currency, fluctuations remain a concern for businesses and consumers, leading to rising inflation and increased import costs. The latest depreciation reflects the broader economic uncertainties facing Nigeria, as…
The Chartered Institute of Personnel Management (CIPM) and Lagos State Governor Babajide Sanwo-Olu have reiterated the need for a transformation in human resource (HR) management to drive productivity and economic growth. Speaking at a stakeholders’ forum, they emphasized the importance of modernizing HR practices to align with global standards and improve workforce efficiency across sectors. Governor Sanwo-Olu highlighted the role of HR professionals in shaping policies that enhance employee welfare, performance management, and leadership development. He stressed that as Lagos continues to position itself as a business hub, adopting innovative HR strategies will be crucial in attracting and retaining top…
Economic expert and former Minister of Finance, Kemi Adeosun, has called on President Bola Tinubu to appoint a National Export Adviser to drive Nigeria’s non-oil export growth and enhance foreign exchange earnings. She emphasized that such a role is critical in diversifying the country’s economy and reducing its heavy reliance on crude oil revenues. Adeosun highlighted the challenges facing Nigeria’s export sector, including poor infrastructure, inconsistent policies, and limited access to global markets. She argued that having a dedicated adviser would help formulate and implement strategic policies to boost exports, attract foreign investment, and improve Nigeria’s trade balance. According to…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has rejected a proposed six-month petrol price stability plan, arguing that it is unrealistic given the current economic and supply challenges. The proposal, reportedly suggested to cushion the impact of fluctuating fuel prices on consumers, has been met with resistance from marketers who claim that price control measures could disrupt supply chains and lead to shortages. IPMAN officials stated that maintaining a fixed petrol price for six months would be impractical due to factors such as foreign exchange volatility, rising crude oil prices, and logistical costs. They argued that any artificial price…
Telecommunications provider 9mobile has come under fire following allegations that it is preventing subscribers from porting to other networks under the Mobile Number Portability (MNP) scheme. Several customers have reported difficulties in switching operators, claiming that their requests to move to rival networks are being deliberately blocked. The allegations have sparked outrage among affected users, many of whom have expressed frustration over prolonged delays, failed porting attempts, and lack of response from 9mobile’s customer service. Some subscribers accuse the telecom company of intentionally making the process difficult to retain customers amid increasing competition in the industry. Under the Nigerian Communications…
Global financial markets have been rattled as escalating Israeli airstrikes fuel fears of a broader conflict in the Middle East. Investors are reacting to rising geopolitical tensions, with major stock indices experiencing sharp declines amid concerns over oil prices, supply chain disruptions, and overall economic uncertainty. Oil prices surged following the intensified military action, as the risk of instability in the region heightened worries about energy supply disruptions. Brent crude and WTI crude both saw significant gains, reflecting investor anxiety over potential supply shocks from key oil-producing nations. Stock markets across Europe, Asia, and the United States opened lower, with…
The Federal Government has deducted N800 billion from state allocations to service Nigeria’s mounting foreign debt, a move that has sparked concerns among state governments over dwindling resources for development projects. The deductions were made from the monthly Federation Account Allocation Committee (FAAC) disbursements, further straining the finances of many states already grappling with revenue shortfalls. Government officials defended the action, stating that the deductions were necessary to meet Nigeria’s international debt obligations and avoid default. The country’s rising debt profile has put pressure on its foreign reserves, making timely debt servicing a priority to maintain investor confidence and economic…
Nigeria’s oil revenue faces a major setback following an explosion at a key crude oil pipeline capable of transporting 450,000 barrels per day (BPD). The incident, which occurred in a strategic oil-producing region, has raised concerns over supply disruptions, potential revenue losses, and heightened security risks in the sector. Preliminary reports indicate that the explosion, which rocked the pipeline, may have been caused by sabotage, equipment failure, or operational mishaps. Authorities and oil companies operating in the region have launched investigations to determine the exact cause and assess the extent of the damage. The affected pipeline is a crucial part…
CrediCorp has launched a N100 billion car ownership credit scheme aimed at making vehicle acquisition more accessible for Nigerians. The initiative is designed to provide flexible financing options for individuals and businesses looking to purchase new or pre-owned vehicles, easing the financial burden of outright payments. According to CrediCorp, the scheme offers competitive interest rates, extended repayment periods, and minimal upfront deposits to ensure affordability. The company aims to bridge the gap in vehicle financing by catering to salaried employees, entrepreneurs, and corporate organizations seeking fleet expansion. With the high cost of vehicles and foreign exchange challenges affecting the automobile…
The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has issued a warning that it may withdraw its members from upstream oil and gas operations over unresolved industry concerns. The union cited issues such as unfair labor practices, unpaid benefits, and poor working conditions as reasons for the potential industrial action. According to PENGASSAN leadership, several oil companies have failed to address long-standing grievances, including job security, wage disputes, and breaches of collective bargaining agreements. The union expressed frustration over what it described as a lack of commitment from both employers and government regulators in resolving these challenges.…
Nigeria’s Minister of Finance has reaffirmed the government’s commitment to supporting the private sector as a key driver of economic growth. In a high-level meeting with business magnate Aliko Dangote, the minister discussed strategies to improve the business climate, enhance investment opportunities, and strengthen collaboration between the government and private enterprises. During the meeting, the minister acknowledged the challenges faced by businesses, including inflation, foreign exchange volatility, and infrastructure deficits. He assured that the government is working on policy reforms to create a more stable economic environment that encourages private sector participation in critical sectors such as manufacturing, agriculture, and…
The Federal Inland Revenue Service (FIRS) has pledged to strengthen tax policies across West Africa, aiming to boost revenue generation, enhance compliance, and create a more transparent tax system in the region. The commitment was made during a regional tax conference, where officials emphasized the need for collaboration among West African nations to improve tax administration and curb revenue leakages. With many economies in the region facing financial challenges, FIRS stressed the importance of harmonizing tax policies to prevent tax evasion, promote cross-border trade, and attract foreign investment. The agency highlighted the digital economy as a key area requiring regulatory…
Inflation continues to take a heavy toll on Nigerians, eroding purchasing power, increasing the cost of living, and deepening economic hardship for millions. As prices of essential goods and services soar, many households are struggling to afford basic necessities, pushing more people into financial distress. One of the most immediate impacts of inflation is the rising cost of food. Staple items such as rice, bread, and cooking oil have seen significant price hikes, making it difficult for families to maintain a balanced diet. Many Nigerians now spend a larger portion of their income on food, leaving little room for savings…
A leading cryptocurrency expert has stated that improved regulatory frameworks will significantly boost crypto investments in Nigeria, making the sector more attractive to institutional and retail investors. The CEO, speaking at a fintech forum, emphasized that clear policies and investor protection measures would foster trust and drive wider adoption of digital assets in the country. Nigeria remains one of the largest crypto markets in Africa, with millions of users trading digital currencies despite regulatory uncertainty. However, inconsistent policies and restrictions on crypto-related transactions by financial institutions have created hurdles for both investors and businesses operating in the space. The CEO…